Stake’s Dirty Money and the Global Casino Takeover that No One is stopping

There’s something deeply disturbing about what’s happening right now in the global gambling industry. A company that started as an unregulated, offshore crypto casino, one that has long skirted financial oversight and consumer protections, is now using its questionable wealth to buy its way into legitimacy.

That company is Stake, the notorious gambling platform that built its empire by leveraging the anonymity of cryptocurrency. Its Australian parent company, Easygo Solutions, has been on an aggressive acquisition spree over the last year, snapping up licensed and regulated gambling operators across multiple jurisdictions.

Stake’s business model has always been dubious at best. The company was founded in Australia but operates through a letterbox company Medium Rare B.V. in Curaçao, a jurisdiction infamous for weak regulatory enforcement throughout the Curacao Gaming Authority #CGA. Despite raking in billions in crypto gambling revenues, it has never been subject to the same level of financial scrutiny as legitimate gambling operators.

Now, with acquisitions in Denmark, Italy, Colombia and Peru, Stake is embedding itself in regulated markets, raising serious concerns about money laundering, regulatory failures and potential legal loopholes that have allowed this to happen in so many jurisdictions.

How is a Crypto Casino using Dirty Money to Buy Licensed Gambling Companies?

The first and most obvious question here is: how did these transactions pass any basic anti-money laundering (AML) or source-of-funds checks?

Every jurisdiction that has issued a gambling license in the last decade has been under increasing pressure to comply with strict financial regulations. Casinos, sportsbooks and payment processors are required to trace every dollar back to a legitimate source.

Yet somehow, Stake, a crypto-only casino where players can deposit and withdraw anonymously, has had no problem acquiring licensed and regulated operators in major markets.

Take MocinoPlay in Denmark as an example. Denmark’s gambling laws require stringent AML checks, particularly for companies acquiring existing licenses. So how did Stake, which has been operating in a jurisdiction (Curaçao) that barely enforces financial reporting, pass those checks?

The same question applies to Idealbet in Italy, Betfair Colombia and their newest venture in Peru. All of these countries theoretically enforce strict financial oversight, yet a crypto gambling giant with zero transparency about its cash flow was approved to take over legitimate, licensed businesses.

Did any regulator actually investigate where Stake’s billions came from before signing off on these acquisitions? Or did they just look at the company’s bank balance and pretend everything was fine?

Crypto Casinos are banned in these Countries, so how will Stake operate?

Even more absurd is the fact that some of these jurisdictions have outright banned cryptocurrency transactions for gambling. Brazil, for example, explicitly prohibits crypto transactions in its newly regulated online gambling market. Peru has done the same. Yet Stake is setting up operations in both.

So how exactly does a casino that exclusively operates with crypto payments plan to function in countries where crypto gambling is illegal?

One possibility is that they’ll integrate fiat payment processors for these markets, but that would require Stake to fully comply with financial regulations, player identity verification (KYC) and AML laws. That would be a fundamental shift from their entire business model.

More likely, they will find ways to circumvent local banking regulations, whether through third-party intermediaries, offshore banking partners or crypto-to-fiat conversion schemes that hides the true source of funds.

Which raises yet another question: why are regulators allowing a known crypto-based gambling operator to take over licenses in jurisdictions that have banned crypto gambling?

Acquiring Companies = Acquiring Gambling Licenses

Here’s where things get even more troubling. In many regulated gambling markets, when a company acquires a licensed operator, it also acquires that operator’s gambling license. Instead of having to apply for a new license and undergo regulatory vetting, the acquiring company simply steps into the existing license structure.

That means Stake is effectively bypassing local licensing scrutiny.

Instead of being forced to prove financial legitimacy, regulatory compliance and operational transparency from the ground up, they are simply buying their way into compliance, even though their business model is fundamentally incompatible with the regulations of many of these jurisdictions.

In other words, a company that has profited off the lack of financial oversight in Curaçao is now being handed government approved gambling licenses in jurisdictions that claim to be well regulated.

·         How does that make any sense?

·         Where Is Stake Actually Paying Taxes?

Another critical issue here is taxation.

Stake claims to be a Curaçao licensed gambling operator, but its corporate headquarters and over 400 employees are in Melbourne, Australia. The company’s CEO, Ed Craven, operates from Australia and the company’s technological backbone is run out of Easygo Solutions.

That raises a massive red flag about where Stake should actually be paying taxes.

If it turns out that the real decision-making power and financial management of Stake are happening in Australia, then the Australian Taxation Office (ATO) could classify the company as an Australian tax resident, meaning all those billions in revenue should be subject to Australian corporate taxes.

If Easygo is funneling Stake’s profits offshore to avoid Australian taxes, then the company could be guilty of tax evasion.

Wouldn’t it be ironic if, after all of these acquisitions, the thing that finally brings them down is tax fraud?

Regulators are either Blind or Complicit

The fact that Stake has been able to pull this off without triggering major regulatory investigations is a scandal in itself.

Governments around the world have been cracking down on crypto transactions, unregulated gambling and financial crimes. Yet here we have one of the largest crypto casinos on the planet successfully laundering its reputation through a series of acquisitions and no one is stopping them.

So here’s what needs to happen:

• Regulators in every country where Stake has acquired a company should be launching AML investigations into how these deals were approved.
• Brazil, Peru and other countries that have banned crypto gambling should be forcing Stake to disclose exactly how it plans to operate legally.
• The Australian Taxation Office should be auditing Easygo Solutions and its executives to determine if Stake should be paying Australian corporate taxes.

Because if nothing happens, this will become the new model for every shady gambling operation in the world.

My Final Thoughts

Stake has built a Billion Dollar Empire on crypto gambling, a sector notorious for financial crimes. And now it’s being allowed to buy credibility with barely any pushback.

How long can regulators ignore this? How long before a real scandal erupts, whether it’s money laundering, tax evasion or the collapse of one of these shady operations?

Because one thing is clear: this story is far from over.

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If you suspect foul play or need critical intelligence on gambling companies, payment processors, corporate structures or offshore financial networks, we can help. Contact us today at [email protected] because no one should be above the law.

FAQs

What is Stake, and why is it controversial?
Stake is a crypto casino known for operating with minimal financial oversight. Its expansion raises concerns about money laundering and regulatory compliance.

How has Stake managed to acquire licensed gambling operators?
By purchasing existing gambling companies, Stake inherits their licenses, bypassing standard regulatory scrutiny.

Why is Stake’s expansion concerning for regulators?
Stake's crypto-based model conflicts with strict financial regulations in many countries, yet it continues to gain approvals.

Which countries has Stake expanded into?
Stake has acquired gambling operators in Denmark, Italy, Colombia, and Peru, despite crypto gambling bans in some of these regions.

How does Stake’s business model conflict with gambling regulations?
Stake operates primarily with crypto, often lacking transparency, which contradicts AML and KYC requirements in regulated markets.

Could Stake face legal action for its acquisitions?
If regulators investigate its funding sources, AML compliance, or tax obligations, Stake could face legal consequences.

What are the tax concerns surrounding Stake?
Stake’s operations are linked to Australia, raising questions about whether it should be paying Australian corporate taxes.

Why are crypto casinos like Stake considered high-risk?
Crypto casinos facilitate anonymous transactions, making them vulnerable to money laundering and financial fraud.

What should regulators do to address Stake’s activities?
Authorities should investigate its funding sources, enforce AML regulations, and scrutinize its compliance with tax laws.

How could Stake’s expansion impact the gambling industry?
If unregulated crypto casinos gain legitimacy through acquisitions, it could set a dangerous precedent for financial oversight.